What specific actions are Extreme Art Studio owners waiving regarding notice of default?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
17.2 WAIVER OF OBLIGATIONS.
- 17.2.1 We and you may, by written instrument, unilaterally waive or reduce any obligation of or restriction upon the other under this Franchise Agreement, effective upon delivery of written notice to the other or another effective date stated in the notice of waiver.
Any waiver granted will be without prejudice to any other rights we or you have, will be subject to continuing review, and may be revoked at any time and for any reason effective upon delivery of ten days' prior written notice.
- 17.2.2 We and you will not waive or impair any right, power or option this Franchise Agreement reserves (including, without limitation, our right to demand exact compliance with every term, condition and covenant, or to declare any breach to be a default, and to terminate this Franchise Agreement before its term expires) because of any custom or practice at variance with this Franchise Agreement's terms; our or your failure, refusal or neglect to exercise any right under this Franchise Agreement, or to insist upon the other's compliance with this Franchise Agreement, including, without limitation, any System Standard; our waiver of or failure to exercise any right, power or option, whether of the same, similar, or different nature, with other Extreme Art Studio Businesses; the existence of franchise agreements for other Extreme Art Studio Businesses which contain provisions different from those contained in this Franchise Agreement; or our acceptance of any payments due from you after any breach of this Franchise Agreement.
No special or restrictive legend or endorsement on any check or similar item given to us will be a waiver, compromise, settlement or accord and satisfaction.
We are authorized to remove any legend or endorsement, which then will have no effect.
- 17.2.3 Neither we nor you shall be liable for any delay in the fulfilment of or failure to fulfil its obligations in whole or in part (other than the payment of money as may be owed by a party) under this Franchise Agreement where the delay or failure is solely due to Force Majeure.
In the event of Force Majeure, the parties' obligations shall be extended or relieved only to the extent the parties are respectively necessarily prevented or delayed in such performance during the period of such Force Majeure.
Source: Item 22 — CONTRACTS (FDD page 49)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, franchisees do not waive any specific actions regarding notice of default. However, the document states that Extreme Art Studio and the franchisee can unilaterally waive or reduce any obligation or restriction upon the other under the Franchise Agreement, effective upon delivery of written notice. This waiver does not prejudice any other rights and is subject to continuing review, and may be revoked at any time with ten days' prior written notice.
Extreme Art Studio and the franchisee will not waive or impair any right, power, or option reserved in the Franchise Agreement due to custom, practice, failure to exercise rights, or waiver of rights with other Extreme Art Studio Businesses. This includes the right to demand exact compliance with every term, condition, and covenant, or to declare any breach to be a default, and to terminate the Franchise Agreement before its term expires. The existence of different provisions in other franchise agreements or the acceptance of payments after a breach does not constitute a waiver.
Any special or restrictive legends on checks or similar items given to Extreme Art Studio will not be considered a waiver, compromise, settlement, or accord and satisfaction, and Extreme Art Studio is authorized to remove any such legends. Neither party is liable for delays or failures to fulfill obligations due to Force Majeure, except for the payment of money owed. In such cases, obligations are extended or relieved to the extent necessary during the Force Majeure event.
Prospective franchisees should be aware that while waivers are possible, they are not guaranteed and can be revoked. It is crucial to understand the circumstances under which Extreme Art Studio might consider a waiver and to ensure any waiver is documented in writing to avoid future disputes. Franchisees should also be aware of the conditions under which Extreme Art Studio will not waive its rights, ensuring they understand their obligations under the Franchise Agreement.